Pension scheme trustees will already have been considering the impact of Brexit on their investment portfolio and on their employers' covenant. But, as a no-deal Brexit looks more and more like a real possibility, other risks loom.

During the course of 2018, we saw a large number of Regulator fines imposed and then revoked in relation to Chair's Statements. That should not be mistaken for a relaxation in the standards expected by the Regulator. Standards must be kept high and...